Xiaomi Unveils SkyNomad, Its First Hybrid EV Series
Xiaomi has introduced the SkyNomad automotive series, marking its first move into extended-range electric vehicles. As a result, the company is expanding beyond pure battery-electric models while strengthening its position in China’s competitive EV market.
The new brand, known in China as Xiaomi Pengcheng (小米澎程), will launch with the N90, a full-size SUV measuring more than 5.3 meters in length with a 3.1-meter wheelbase.
Unlike previous Xiaomi vehicles, the N90 uses a 1.5-liter turbocharged engine only as a range-extending generator. It also features a battery pack exceeding 70 kWh. Consequently, the SUV delivers 400 to 500 kilometers of electric-only driving range and more than 1,500 kilometers of combined range.
Furthermore, the N90 will be available in five-seat and seven-seat configurations. Pricing is expected to start at around 200,000 yuan (about $29,400), placing it below competitors such as the Li Auto L9 and Huawei’s Aito M9. Meanwhile, Sunwoda and CALB will supply batteries in a 60/40 split. The SUV is expected to reach the market in the second half of 2026.
Smartphone business faces growing challenges
Meanwhile, the EV expansion comes as Xiaomi encounters significant pressure in its smartphone business. The company reportedly reduced its 2026 smartphone shipment target from 135 million units to about 95 million. Therefore, the revised forecast reflects a decline of roughly 40 million units, or nearly 30%.
The reduction follows a global memory chip shortage driven by strong demand for AI infrastructure, which has tightened component supplies.
In addition, rising memory costs have hurt profitability. The company reported a 43% decline in first-quarter net profit. Gartner also projects the memory shortage will reduce global smartphone shipments by 8.4% in 2026 while increasing average selling prices by 13%.
EV investment adds pressure on shares
At the same time, Xiaomi shares have faced pressure from shrinking smartphone margins and continued investment in its electric vehicle business. By mid-June, the stock had fallen 38% since the start of the year and reached a 52-week low after Jefferies downgraded it to “Underperform.”
The company has since announced share buyback programs, including a HK$2.5 billion repurchase in January. However, analysts remain cautious about the near-term outlook.
“The current situation is unique in terms of the scale of memory price increases and the duration of the shortage,” Gartner analyst Ranjit Atwal told reporters, estimating the market may remain under pressure until the end of 2027.
